March 27, 2018 / 8:21 AM / a year ago

Albaraka Turk says aims to double assets in the next five years

ISTANBUL, March 27 (Reuters) - Turkish Islamic lender Albaraka Turk aims to increase both its loans and assets by around 15 percent a year for the next five years, it said in a statement on Tuesday.

The lender aims to increase assets by an average of 15 percent annually, allowing it to double its asset size in the next five years. It said it aims for 16 percent credit growth over the same period.

The bank is aiming for a net profit of 1.2 billion lira ($302.31 million) by 2022 from the current level of 237 million lira.

Albaraka Turk is a subsidiary of Bahrain-based Al Baraka Banking Group. In February, it raised $205 million worth of sukuk, first such issuance in Turkey to qualify as Tier 1 capital. ($1 = 3.9694 liras) (Reporting by Ebru Tuncay Writing by Ali Kucukgocmen Editing by David Dolan)

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